They are diamond drilling and I would guess by their previous 3d...

They are diamond drilling and I would guess by their previous 3d modelling they are going deep.

Imo they don't want a repeat of last year where they announced Mal visuals from the hole, whch made the market anticipate huge grades but the end result was lower, less-exciting grades. I guess we won't see anything this time until proper assays are available. But I would expect maybe one assay at a time released (from the 3 holes). that event last year is why the share price is sat close to all-time lows.

Their 3d surveys and surface work at Irak indicate much better grades than similar work at the previous drill (Mal). For me, this company has always been about Irak, I watched the IPO, watched results last year, including the huge amount of groundwork and prep work for Irak.

One thing is for sure that if the drill cores show good results, this stock will be re-rated in a major way and could quickly see a market cap of 25m+. That's still a big IF, but they've done so much groundwork on Irak to plan their first targets that there's a good chance of hitting some decent grades, at least within the first 20cm from surface :)

Good risk/reward imo given this is trading close to all-time-lows with a market cap less than $7m. Other recent copper discoveries at the spec end of the market are doing well at the mo, so any discovery would see plenty of attention.

In terms of grades, QRL are roughly in the same area as the Yandera Copper/Molyndenum project, owned by Marengo Mining, a project which has long intervals of mineralisation but fairly moderate grades:

http://www.marengomining.com/reports/HighGradeCopperResults2012_09_20Final.pdf

Copper = about 0.8%
moly = about 200ppm
gold = about 0.25g/t

I'll be comparing QRLs results to these, for sure.

Worth noting that BHP were interested in becoming a cornerstone investor in QRL before they pulled out of PNG, but I understand that BHP are now looking to get back in to PNG.

Anyways let's see what the drill cores tell us!